1. Goldman Sachs reportedly looking to buy crypto firms after FTX collapse
📰 Goldman Sachs is reportedly looking to swoop in and invest millions to purchase or invest in crypto firms while the prices are low, as the FTX collapse highlighted a need for more regulation within the industry.
📰 The firm is currently seeing opportunities that are “priced more sensibly” and are already doing its due diligence on some crypto companies.
2. Crypto.com CEO has history of red flags including bankruptcy and quick exits
📰 Before founding Crypto.com, Kris Marszalek was involved in multiple ventures that ended in collapse, including one where suppliers claimed they were unable to access their earnings.
📰 Over a decade ago, Marszalek and his business partner were paid millions of dollars by their manufacturing company, months before it entered bankruptcy.
📰 In a tweet thread published ahead of this story, Marszalek wrote “startups are hard,” and “you will fail over and over again.”
3. Binance's proof of reserves raises red flags: Report
📰 Binance's efforts to improve transparency of its reserves also exposed red flags in the crypto exchange's finances, according to accounting and financial specialists consulted by The Wall Street Journal.
📰 The report released by the audit firm Mazars lacks information related to Binance's corporate structure, the quality of internal controls and how Binance's systems liquidate assets to cover margin loans.
📰 Differences between the total Bitcoin liabilities were also highlighted. The exchange's proof of reserves shows that Binance was 97% collateralized, excluding assets lent to users through loans or margin accounts, indicating that the 1:1 ratio of reserves to customer assets was not achieved.
https://cointelegraph.com/news/binance-s-proof-of-reserves-raises-red-flags-report
4. 'Abnormal' Altcoin Trading on Binance 'Just Market Behavior,' Says CEO
📰 Cryptocurrency exchange Binance issued a notice on Sunday acknowledging reports that a handful of altcoins were trading in an “abnormal” fashion on its platform.
📰 The exchange stated it would investigate the matter and take the appropriate actions against “suspicious accounts.”
📰 However, he said that Binance did temporarily restrict accounts associated with the altcoin trading that took place, preventing them from being able to withdraw their funds. The decision was reversed after the company “received a lot of complaints on social media” from users in various countries, Zhao said.
https://decrypt.co/116917/abnormal-altcoin-trading-on-binance-just-market-behavior-says-ceo
5. Sam Bankman-Fried secretly handed $27 million to The Block and its CEO
📰 Sam Bankman-Fried, former CEO of failed crypto exchange FTX, loaned $27 million to Michael McCaffrey, the CEO of crypto publication The Block, to help it stay afloat.
📰 Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered.
📰 McCaffrey is stepping down from his position and will be replaced by Moran. Moran writes that McCaffrey kept the funding secret from everyone else in the company until revealing it before Thanksgiving this year.
https://www.theverge.com/2022/12/9/23502173/sam-bankman-fried-the-block-loans-journalism
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